Law and Economics Commons^™

Wayfair Or No Fair: Revisiting Internet Sales Tax Nexus And Consequences In Texas, Jennifer Mendez Lopez

St. Mary's Law Journal

Since 1967, the Supreme Court has revisited the issue of nexus requirements in interstate commerce to keep up with social and technological advancements. However, these restrictive requirements have deprived states of a substantial tax basis. As technology continues to develop exponentially, this presents the need for a new standard that overturns precedent case law. Specifically, the Internet has grown and now necessitates the consideration for and e-commerce taxation collection.

South Dakota v. Wayfair, Inc. correctly decided that states have the power to collect taxes from qualifying out-of-state businesses without the need for a physical presence. Wayfair is moving in the …

China's Belt And Road Initiative: An Examination Of Project Financing Issues And Alternatives, August Nelson Dinwiddie

Brooklyn Journal of International Law

In 2013, China launched the Belt and Road Initiative (BRI) to realize the vision of revitalizing the ancient Silk Road. The BRI can be characterized as a vast infrastructure development initiative spanning over sixty-five countries that total almost half of the world's GDP. Since its launch, BRI projects have primarily been financed through commercial loans provided by Chinese banks, creating concerns over debt sustainability. At the top of these concerns are fears over whether participation in the BRI will lead to a "debt-trap scenaro." Public-Private Partnerships (PPPs) provide an alternative financing option. In project development under a PPP, particularly the …

Are Centralized Cryptocurrency Regulations The Answer? Three Countries; Three Different Directions, Rani Shulman

Brooklyn Journal of International Law

Virtual currencies have undoubtably been a topic of conversation and uncertainty for some time. Many countries have jumped ahead of the industry and regulated cryptocurrencies, while others have taken a back seat to see exactly how the market responds. This Note explores the history behind cryptocurrency and Blockchain and how governments worldwide have dealt with the growing concern regarding regulation of the often volatile and decentralized industry. By way of comparative analysis, this Note examines how China, Switzerland, and the United States have taken measures to either embrace or repudiate the industry, as well as how they have succeeded and …

Kosovo's Controversial 100 Percent Tariff: An Analysis Of Its Imposition And The Issues Bleeding Into The Conflict Between Kosovo And Serbia, Ernira Mehmetaj

Brooklyn Journal of International Law

On November 6, 2018, Kosovo imposed a 10 percent tariff on products imported from Serbia and Bosnia and Herzegovina. Later that month, on November 28, 2018, after Kosovo was denied membership in the International Criminal Police Organization, Kosovo increased the custom tariffs on Serbian and Bosnian goods from 10 to 100 percent. These actions resulted in a standstill of the European Union–mandated Belgrade-Pristina dialogue—a dialogue seeking to normalize the relations between the two states. Having the tumultuous history shared by Kosovo and Serbia as a backdrop, this Note analyzes the international agreements Kosovo is party to, specifically the Central European …

Stakeholder Collaboration As An Alternative To Cost-Benefit Analysis, Karen Bradshaw

BYU Law Review

This Article compares and contrasts cost-benefit analysis with “collaborative analysis” in agency decision-making. While mathematical models drive cost-benefit analysis, ongoing stakeholder negotiations drive collaborative analysis. Cost-benefit analysis relies on economists inputting numerical values into a model, whereas collaborative analysis relies on the diverse perspectives of groups and individuals affected by an agency’s decision. Administrative law scholars have exhaustively researched cost-benefit analysis while overlooking widespread agency reliance on collaborative analysis. This Article advances the novel observation that legislatures and courts sometimes treat collaborative analysis and cost-benefit analysis as interchangeable.

Administrative law scholars might find it unorthodox, even irresponsible, to equate the …

Comprehensive Rezonings, Sara C. Bronin

BYU Law Review

Of all powers given to local governments, the power to zone is one of the most significant. Zoning dictates everything that gets built in a locality—and thus effectively dictates all of the key activities that take place within it. Nationwide, most zoning codes were adopted in the first half of the twentieth century. Many, including the zoning codes of New York City and Chicago, were significantly revised in the 1960s. While these codes have been revised piecemeal, just a few American cities have undergone a comprehensive revision: replacing the old code with a completely new one.

A comprehensive rezoning can …

Blockchain & Smart Contract Technology: Alternative Incentives For Legal Contract Innovation, Erika J. Nash

BYU Law Review

No abstract provided.

The Economics And Antitrust Of Bundling, Rajeev R. Bhattacharya

The Journal of Business, Entrepreneurship & the Law

This article explains the economics and antitrust of bundling. I first show that popular arguments such as demand complementarities, economies of scope, and price discrimination are not sufficient. I then detail potentially anticompetitive factors such as leverage and opacity. I then use simple examples to show how variation in consumer valuations explains bundling and is not anticompetitive. Finally, I explore other business judgment rule explanations for bundling.

Taxes In The Time Of Coronavirus: Is It Time To Revive The Excess Profits Tax?, Reuven S. Avi-Yonah

Law & Economics Working Papers

A recent NY Times headline summarizes one of the biggest economic impacts of the current pandemic: “Big Tech Could Emerge From Coronavirus Crisis Stronger Than Ever.” At a time when most American citizens and businesses suffer catastrophic economic damage from the Coronavirus Recession, some corporations such as Amazon, 3M, Gilead, and Zoom see their profits rise dramatically because of the pandemic. Given that most corporations are losing money but some are now earning excess profits due to the crisis, it is time to revive the wartime excess profits taxes that the US deployed in WW1 and WW2 to prevent the …

Reverse Bayesianism And Act Independence, Surajeet Chakravarty, David Kelsey, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Karni and Vierø (2013) propose a model of belief revision under growing awareness—reverse Bayesianism—which posits that as a person becomes aware of new acts, consequences, or act-consequence links, she revises her beliefs over an expanded state space in a way that preserves the relative likelihoods of events in the original state space. A key feature of the model is that reverse Bayesianism does not fully determine the revised probability distribution. We provide an assumption—act independence—that imposes additional restrictions on reverse Bayesian belief revision. We show that with act independence knowledge of the probabilities of the new …

Multi-Jurisdictional Anti-Corruption Enforcement: Time For A Global Approach, Sharon Oded

Journal of Law and Policy

With the rise of globalization, foreign corruption has become a prominent enemy of the world’s economy. Over time, numerous international initiatives―such as the OECD and United Nations conventions against foreign corruption―have enlisted a growing number of sovereign states to join in the global war against that enemy. As a consequence, global enhancement of anti-foreign corruption enforcement often results in duplicative, multi-jurisdictional enforcement, such that multiple enforcement actions are initiated against the same corporation by several authorities, in one or more jurisdictions, in relation to the same misconduct. This phenomenon, which was recently addressed by the US Department of Justice in …

Covid-19 And South-South Trade & Investment Cooperation: Three Emerging Narratives, Olabisi D. Akinkugbe, Clair Gammage

Articles, Book Chapters, & Popular Press

The COVID-19 pandemic has revealed the frailties of economic relations across different aspects of the globalized network. From the national, through the sub-regional, to the regional to the international levels, questions have arisen regarding the seemingly interconnected, yet fractured socio-economic relationships in our modern societies. In this essay we shall focus on the trade and investment dimension of South-South relations that have been affected by the pandemic. In doing so, we shall reveal the (often overlooked or taken for granted) linkages with race in South-South relations. We identify the way(s) in which the Covid-19 pandemic has made obvious the latent …

Introduction To The Covid-19 Symposium On International Economic Law In The Global South, Olabisi D. Akinkugbe, James Thuo Gathii, Titilayo Adebola, Nthope Mapefane

Articles, Book Chapters, & Popular Press

The COVID-19 pandemic has disrupted all facets of human relations on a magnitude not witnessed in the post-World War II era. Due to the interdependence of countries in the international system, it is not surprising that the unfolding public health crisis has had significant ramifications for the functioning of the global economy as well. In responding to this global health crisis, and the associated fallouts, the academic community has a crucial role to play in finding solutions to the hydra-headed problems we all face. Driven by this sense of urgency and responsibility, AfronomicsLaw put out a call for contributions in …

The Place Of Empirical Studies, F.H. Buckley

Notre Dame Law Review

It was chance that brought Peg Brinig to George Mason University School of Law, and curiosity that took her to a law-and-economics and then to empirical research. She realized that only the curious would be able to keep up to new things, and that law teaching, not journalism, was the profession of the curious.

At the time, it took not only curiosity, but also a certain measure of courage to embark on law and economics. Traditional legal scholars correctly surmised that it would shake up the discipline, and that is never a pleasant experience. Conservatives who were fond of saying …

Faith, Law, And Love: Peg Brinig's Legacy, Stephanos Bibas

Notre Dame Law Review

The central question in Peg Brinig’s work is how the law can help intimate associations to raise healthy kids. She pursues this theme through a variety of inquiries, ranging from parochial schools in big-city neighborhoods to covenant-marriage laws in Louisiana. Her answers depend on context, varying with how close each social actor or institution is to the process of raising children. But nearly all her recommendations seek to foster permanent, loving, involved social environments.

Following Brinig’s lead, I’ll celebrate her work by highlighting some of the answers she offers in three different social contexts. In Part I, I’ll explore her …

The Institutional Economics Of Marriage: A Reinterpretation Of Margaret Brinig's Contribution To Family Law, Douglas W. Allen

Notre Dame Law Review

Margaret (Peg) Brinig has made a massive contribution to family law over the course of the past thirty-five years. Spanning the two fields of economics and law, her views have evolved over time to ones that see family as a matter of covenant. The concept of a covenant is mostly unknown in the modern secular world and is absent in economics. Without (hopefully) changing Brinig’s meaning, I reinterpret her work and argue that her concept of a covenant is equivalent to the economist’s understanding of an institution. The goal of reinterpreting her work in light of institutional economics is to …

A Consumer Guide To Empirical Family Law, June Carbone

Notre Dame Law Review

This Article will consider the framework for empirical work on family law, arguing that the failure to ask more sophisticated questions at the beginning of the research has limited its effectiveness. In this sense, Professor Peg Brinig’s work stands out for the creativity of the questions she has asked, her exploration of underutilized databases, and her work’s potential to serve as a foundation for a new paradigm for the integration of empirical work into family law theory.

This Article will discuss the way that theory—and the creation of discourses associated with it—informs empirical research. First, it will maintain that the …

Property Rights In Children, Barry E. Adler, Alexis A. Alvarez

Notre Dame Law Review

In 1978, Dr. Elisabeth Landes and then-Professor, later-Judge Richard Posner, published The Economics of the Baby Shortage. The article openly discussed how economic analysis can address the allocation of babies available for adoption. The ideas expressed in the article were widely denounced as an inhumane commodification of children, something tolerable only in the twisted minds of academic authors. Despite the backlash, an odd thing happened in the more than four decades since Landes and Posner wrote on this topic: their ideas began to take hold. Today, almost all states in the United States permit, in some form, the contractual …

Why Calls For Shifting To Brandeisian Economic Theory Are Flawed: An Evaluation Of The United States’ And European Union’S Approach To Vertical Mergers, John A. Fortin

University of Richmond Law Review

The tech industry has exploded over the last few decades and progressives are advocating for a shift in antitrust review in the United States (US).1 Seeking a modified economic theory based on the writings of the late Justice Louis Brandeis (Brandeisian economic theory), these advocates seek to control the vertical expansion of dominant tech firms such as Amazon.2 On a broad level, this position argues for a shift of US antitrust regulatory review towards the European Union’s (EU) application of antitrust regulation. This paper provides a review of both US and EU antitrust review, provides a primer on vertical merger …

Predicting Variation In Endowment Effect Magnitudes, Owen D. Jones, C. Jaeger, S. Brosnan, D. Levin

Vanderbilt Law School Faculty Publications

Hundreds of studies demonstrate human cognitive biases that are both inconsistent with “rational” decisionmaking and puzzlingly patterned. One such bias, the “endowment effect” (also known as “reluctance to trade”), occurs when people instantly value an item they have just acquired at a much higher price than the maximum they would have paid to acquire it. This bias impedes a vast range of real-world transactions, making it important to understand. Prior studies have documented items that do or do not generate endowment effects, and have noted that the effects vary in magnitude. But none has predicted any of the substantial between-item …